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Marketing Managemnt Assignment: Ans 1) As A Newly Appointed Product Manager of Balaji Wafers, If I Was Asked To Develop A
Marketing Managemnt Assignment: Ans 1) As A Newly Appointed Product Manager of Balaji Wafers, If I Was Asked To Develop A
ASSIGNMENT
Ans 1) As a newly appointed product manager of Balaji Wafers, if I was asked to develop a
new product planning. I as a new product manager would setup a systematic, customer
driven, innovative product development process for finding and growing a new product. I
would have followed the eight major steps which are used in the new product development
process i.e. :-
Idea Generation: New product development begins with generation of idea. This is
the first step of new product development process. A company typically generates
thousands of ideas to find a suitable one. Sources of new product ideas include
internal sources and external sources like customers, competitors, distributors etc.
Idea Screening : The next step in the new product development process is idea
screening. Idea screening means nothing else than filtering the ideas to pick out good
ones. In other words, all ideas generated are screened to spot good ones and drop poor
ones as soon as possible. While the purpose of idea generation was to create a large
number of ideas, the purpose of the succeeding stages is to reduce that number. The
reason is that product development costs rise greatly in later stages. Therefore, the
company would like to go ahead only with those product ideas that will turn into
profitable products. Dropping the poor ideas as soon as possible is, consequently, of
crucial importance.
Marketing strategy Development : The next step in the new product development
process is the marketing strategy development. When a promising concept has been
developed and tested, it is time to design an initial marketing strategy for the new
product based on the product concept for introducing this new product to the market.
The marketing strategy statement consists of three parts and should be formulated
carefully:
A description of the target market, the planned value proposition, and the sales,
market share and profit goals for the first few years
An outline of the product’s planned price, distribution and marketing budget for the
first year
The planned long-term sales, profit goals and the marketing mix strategy.
Business Analysis : Once decided upon a product concept and marketing strategy,
management can evaluate the business attractiveness of the proposed new product.
The fifth step in the new product development process involves a review of the sales,
costs and profit projections for the new product to find out whether these factors
satisfy the company’s objectives. If they do, the product can be moved on to the
product development stage.
Product Development : The new product development process goes on with the
actual product development. Up to this point, for many new product concepts, there
may exist only a word description, a drawing or perhaps a rough prototype. But if the
product concept passes the business test, it must be developed into a physical product
to ensure that the product idea can be turned into a workable market offering. The
problem is, though, that at this stage, R&D and engineering costs cause a huge jump
in investment. The R&D department will develop and test one or more physical
versions of the product concept. Developing a successful prototype, however, can take
days, weeks, months or even years, depending on the product and prototype methods.
Also, products often undergo tests to make sure they perform safely and effectively.
This can be done by the firm itself or outsourced.
Test Marketing : The last stage before commercialisation in the new product
development process is test marketing. In this stage of the new product development
process, the product and its proposed marketing programme are tested in realistic
market settings. Therefore, test marketing gives the marketer experience with
marketing the product before going to the great expense of full introduction. In fact, it
allows the company to test the product and its entire marketing programme, including
targeting and positioning strategy, advertising, distributions, packaging etc. before the
full investment is made.
CONCLUSION
These steps will surely help Balaji Wafers to launch their new product in market as the new
product development process states the first thing is idea generation Balaji Wafers have to
come up with an innovative idea, it can be associated with any kind of idea be it a new
flavour or different shape of wafer or can be a completely new product. Then they will have
to choose the best idea of the pool of ideas which came up during idea generation and
screening has to be done so it can choose ideas which will be profitable in future. Now at
development and testing phase the Wafer company has to put their Idea into an actual
concept after various testing procedures. When a promising concept has been developed and
tested, it is time to design an initial marketing strategy for the new product based on the
product concept for introducing this new product to the market. Now the management can
evaluate the business attractiveness of the proposed new Wafer product. The new product
development process goes on with the actual product development. Now our concept of a
new wafer can be actually converted into a product and is ready to be tested into a realistic
marketing settings. Our new Wafer now can be launched into actual customers in the market
including targeting and positioning strategy, advertising, distributions, packaging etc. After
the results of test marketing it leads to the final decision whether to launch our new wafer or
not. This is the final commercialisation process which means introducing our new product
into the market.
Ans 2) INTRODUCTION
Brand Positioning creates market differentiation: Let’s face it: the world doesn’t
need another widget. However, if your company, products, or services provide a
unique proposition, resolve an unmet need, or deliver a desired experience, then
Brand Positioning will help you stand out from the crowd by articulating how you are
different.
Brand Positioning breaks through the clutter of noise : A clear Brand Position
enables you to efficiently and effectively communicate and reach your target
audience. Every day, we’re bombarded with marketing and sales messages at every
corner. Everyone is vying for your time and attention. In the midst of all this noise,
your Brand Positioning breaks through the clutter by speaking directly to the people
you intend to attract.
Brand Positioning enables you to compete on value (not price) :Whether your
brand is consumed by the mass market or is a limited luxury item, Brand
Positioning gives you clarity on your specific value. Your value is what you offer
customers, how it satisfies their needs best, and how the alternatives offered by
competitors are insufficient. Without Brand Positioning, you have nothing to offer but
ambiguity. No one values (or buys) ambiguity.
CONCEPT
The appropriate Segmentation Strategies for the new launch of Habbit which being a start-up
of health and nutrition and makes a consumer debut with a range innovative and delicious
products. The major steps in designing a customer value driven marketing segmentation
strategies for a new launch is as follows : -
Demographic Segmentation
Psychographic Segmentation.
Behavioural Segmentation
Geographic Segmentation
Demographic Segmentation : Demographic segmentation is one of the most popular
and commonly used types of market segmentation. It refers to statistical data about a
group of people. Demographic Market Segmentation Examples :
Age, Gender, Income, Location, Family, Situation, Annual Income, Education Ethnicity
Personality traits
Values
Attitudes
Interests
Lifestyles
Psychological influences
Subconscious and conscious beliefs
Motivations
Priorities
a. PURCHASING HABITS
b. SPENDING HABITS
c. USER STATUS
d. BRAND INTERACTIONS
Behavioural segmentation requires you to know about your customer’s actions. These
activities may relate to how a customer interacts with your brand or to other activities
that happen away from your brand.
As the newly launched product of the new start-up company, Habit: Health and Nutrition are
in the category of ice-creams, named as Habbit wise creams. As it is known to everyone that
cold edibles like ice creams are liked and appreciated as well as consumed by all the sections
of the market, from small children to elderly people. And the Habbit Wise Creams are made
completely natural as well as healthy by using real fruit pulps, so they should have to use the
perfect segmentation as well as the operational strategy in order to make a good market of the
products and theory should choose such locations, where a large population of citizens
resides. Some important questions that should be evaluated by the Habit company, are as
follows:
Who will be the consumers?
What will be the location of the consumers?
What are the products in which the consumers are taking an interest?
How the marketing, as well as promotional processes, are to be done?
Why are the various segments interested as well as not interested in the services as well
as products of the business?
The above questions will help the company a lot in making or creating a strong base of
consumers or customers in order to capture the market with full efficiency as well as
effectiveness.
CONCLUSION :
The end that has been taken out by this specific investigation is that the market
segmentation methodology is required just as it is needed in a business or organization
to get the ideal or generally speaking construction of an arrangement about the market to
dispatch or bring a spic and span item into the market. Furthermore, the utilization of an
ideal division system of the market additionally helps in diminishing the odds of
misfortune by anticipating every one of the significant factors just as focuses at the
absolute starting point or at the beginning phase.
Ans 3 a) Introduction :Yes, I do think that the brand name “Clingers Gold” is right for the
top end segment because the company or the business organization, the Unique industries has
an existing brand of shorts as well as tops, named as the Clingers, which is one of the most
favourite brands of shirts in the overall country.
To conclude : Using the same name Clingers with an addition of the word Gold is not a bad
idea, because the brand has created a great capture over the market, and using the same name
as an updated version, will help the company a lot in launching the brand with a good profit.
Ans 3 b) INTRODUCTION : There are many important factors as well as elements that the
companies or business organizations must have to look after or check before launching or
introducing any new products to the markets in order to reduce the chances of facing critical
challenges. Additionally, if they will pay more than the previous existing products, then it is
quite common or general to expect a better quality of the products too.
Price: the next most important factor is the price. And to make a product successful,
the price always may be below the price of the competitor products.
Timing: timing is the main factor for the ideal dispatch of another item and the hour
of Christmas, the new year and different celebrations are the best an ideal opportunity
to dispatch items.
Promotion: another important factor that helps in reaching the products to more
customers, is the process of promotion. And nowadays the promotional process is
very much easy with the help of the internet.
Packaging: another factor that plays an important role is the packaging process. The
packaging of the products is always to be innovative as well as attractive in order to
catch the attention of the customers.
CONCLUSION : By studying these factors of launching a new product it states that these
factors are significant just as fundamental that are to be determined and assessed prior to
dispatching any new item to improve execution just as the best yield. Consumer loyalty just
as the client's encounters that are redone are predominantly prompted or brings about
significant level unwaveringness of the clients just as better engaged crusading of the
business sectors.